The North Carolina Hemp Farm and Processing Facility Is The First Acquisition Following The Company's Transition To The CBD Sector
LAS VEGAS, Nov. 30, 2020 /PRNewswire/ -- Virtual Medical International Inc. (OTC: QEBR), a Wellness company in the hemp-derived CBD sector, today announced that it has entered into an agreement to purchase FarmShare, LLC, an industrial hemp cultivation and processing operation headquartered in North Carolina with a combination of stock and cash.
Virtual Medical International's mission is to help consumers improve the health and quality of their lives with an array of high quality, CBD-centric products consistent with a healthy lifestyle. To that end, Virtual Medical formed 'Amsterdam Café', a wholly owned subsidiary that has taken the first steps to becoming a comprehensive, vertically integrated organization within the CBD sector.
FarmShare manages a 50-acre farm in La Grange, North Carolina, which it is transitioning from tobacco to industrial hemp;and a 5,000 square foot processing facility with 50-gallon/daily capacity. In the 2020 season, FarmShare harvested 50 acres of hemp and manufactured 258 gallons of CBD oil under the brand name FarmShare QD. Currently, management expects to plant 75 acres of industrial hemp and produce 400 gallons of CBD oil for the 2021 season.
Blair Merriam, Managing Director of FarmShares stated that "the FarmShares contracted hemp farm production model is producing positive results where many other farm operations are struggling to break even.This is credited to our focus on partnering with the right farm and extraction operations and identifying the hemp varietals that will perform the best in the soil and climate conditions that we have identified as essential to maximizing hemp production."
According to the terms of the agreement, the Company will purchase FarmShare for 1.5 million shares of Common Stock, as well as purchasing their existing inventory for $866,750 in exchange for a promissory note.
Larson Elmore has also been appointed by the Board of Directors of the Company as the President and CEO replacing Larry Eastland who resigned as President, CEO and Secretary & Treasurer.
In his first statement as CEO, Larson commented that "FarmShare's high quality full spectrum distillate, presented as FarmShare QD brand, is a great brand to bring under the 'Amsterdam café' banner. This facility gives us an immediate presence in the southeast U.S. market, as well as the ability to increase capacity with existing assets as we move forward with our planned expansion strategy."
In addition to the transaction with FarmShare, Amsterdam has also entered into working agreements with several companies operating in research, cultivation, processing, production, retail franchises, and e-commerce services as well as marketing and distribution sectors.
Mr. Elmore added that "this structure will enable the Company to control the quality and breadth of its product offerings, as well as manage, build and support an international distribution network."
About Larson Elmore CEO.
Larson Elmore, aged 72, is the founder of businesses in the telecommunications and real estate sectors including serving as CEO on both public and private companies. He has an extensive real estate portfolio.
"I have been enormously influenced by visionary mentors including my association with Zig Ziglar, Paul Harvey, Earl Nightingale and Art Linkletter. Starting out life on an Illinois farm where, at the age of 10, I lost my father, I had to quickly become a self-starter." This began with his joining Future Farmers of America ("FFA") in high school where he became a leader by raising prize winning livestock.
About Virtual Medical International
Virtual Medical International, (OTC: QEBR), through its wholly-owned subsidiary, has trademarked the brand name "Amsterdam Café: Welcome to Your Whole Health"™. The diversified, multi-channel business model derives revenue from product sales through company-owned retail stores, franchise stores, domestic and international franchise activities, third party contract manufacturing, e-commerce and corporate alignments.
Virtual Medical International's business model is designed to help consumers improve the health and quality of their lives by making available an array of high quality, CBD-centric products consistent with a healthy lifestyle.To that end,Virtual Medical formed Amsterdam Café is a wholly owned subsidiary in order to become a comprehensive, vertically integrated organization within the CBD sector,with plans to acquire and open CDB Stores across the U.S.A. and Europe.
For further information
Larson Elmore CEO Tel: 81 1553 7357